Tag: accounting
“Sole Proprietorship vs Incorporation” – Planning your business strategy
Should you incorporate your small business? (Sole proprietorship, partnership etc) Jumping from Sole Proprietorship to Corporation in Canada? We’ll break it down step by step. Earning side income or owning a small business can be a very rewarding experience, both emotionally and financially. The… Continue Reading ““Sole Proprietorship vs Incorporation” – Planning your business strategy”
Should you incorporate your small business?
When a business is started, it can be structured as a proprietorship, partnership, or corporation. Proprietorship A sole proprietorship is one person operating a business, without forming a corporation. The income of the business is then taxed in the hands of the owner (the proprietor), at personal… Continue Reading “Should you incorporate your small business?”
Accounting Outsourcing: The Nitty-Gritty that you need to know
Are you dreading about clearing the accounting and bookkeeping work which has piled up in your desk in view of the approaching tax season? Simply opt for accounting outsourcing to deal with the issue with ease and perfection. This is the simplest way for… Continue Reading “Accounting Outsourcing: The Nitty-Gritty that you need to know”
Accounting Methods – Cash and Accrual
When starting a business, you have to determine the method you are going to use for accounting and paying taxes. The two choices are the cash method and the accrual method. Cash Method If you are looking for simplicity, the cash method is probably… Continue Reading “Accounting Methods – Cash and Accrual”
Making a Profit
Accountants are responsible for preparing three primary types of financial statements for a business. The income statement reports the profit-making activities of the business and the bottom-line profit or loss for a specified period. The balance sheets reports the financial position of the business… Continue Reading “Making a Profit”
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